Identity Verification Software Market: Introduction
- Identify verification software is the technology that allows companies to secure and protect user and customer information, as well as ensure its accuracy.
- Identity verification software is based on machine learning algorithms, which is capable of automatic detection and identity. Identify verification software is used by large and small & medium enterprises to ensure that information provided by a user/customer is correct or wrong.
- The COVID-19 outbreak has been the main catalyst for the growth and adoption of identity verification software. Organizations, industries, and governments are verifying personal identities, by providing access control to users, without any physical contact with the security infrastructure. Identity verification software is helping to detect the identity of a person by digital manipulations with genuine ID images or content, such as name, address, date of birth, and face photo, with advanced technologies. This is expected to enhance the demand for identity verification software among government agencies for public safety monitoring.
- Furthermore, many businesses switching staff to remote working during the COVID-19 pandemic has led to a clear chronicled surge in demand for video conferencing and other tools such as Zoom, which in turn is enhancing the demand for identity verification software.
Global Identity Verification Software Market: Dynamics
Global Identity Verification Software Market: Key Drivers
- Growing demand among consumers for technologically advanced security is expected to boost the identity verification software market.
- Increasing adoption of identity verification software by the governments of developed and developing counties to identify the customer information for government-issued ID cards, driving licenses, or passports is expected to fuel the identity verification software market.
- Rising implementation of instant mobile verification across media & entertainment, IT & telecommunication, and other sectors is expected to drive the market.
- Growing usage of automatic identification and data capture (AIDC) technology in retail industry and e-commerce is expected to augment the identity verification software market.
- Rising penetration of smartphones and tablets coupled with companies focusing on facial biometrics in smartphones, by adding a layer of verification to unlock the smartphones is anticipated to drive the demand for identity verification software.
- Growing adoption of cloud-based services such as artificial intelligence (AI) and machine learning (ML) for identity verification software is expected to drive the demand for identity verification technology, in order to strengthen the compatibility of devices for different applications.
North America to Account for Major Share of the Global Identity Verification Software Market
- In terms of region, the global identity verification software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is anticipated to lead the global identity verification software market, due to the increasing trend of Internet of Things (IoT), cloud adoption, and bring your own device (BYOD), which are some of the factors expected to fuel the growth of the market in the region.
- The identity verification software market in Asia Pacific is expected to hold significant share due to growing terrorist attacks and rising adoption of identity verification software in defense and government applications. This is expected to fuel the growth of the market across Asia Pacific.
Global Identity Verification Software Market: Competitive Landscape
Key Players Operating in the Global Identity Verification Software Market
Local, regional, and international players are active in the identity verification software market. The market is highly consolidated, with top manufacturers accounting for approximately 25%–30% of the share. Key players operating in the global identity verification software market are:
- Acuant Inc.
- Equifax Inc.
- Experian Plc.
- Mitek Systems, Inc.
- Shufti Pro Limited
- TransUnion LLC.
- Thales Group (Gemalto)
In January 2019, Experian Plc. signed a partnership with Change Healthcare to work on a new identity verification technology that would accurately identify patients in the healthcare sector.
In February 2019, Jumio launched a new solution named Jumio Authentication. Jumio Authentication makes biometrics for identity proofing and authentication.
Global Identity Verification Software Market: Research Scope
Global Identity Verification Software Market Segmentation, by Product Type
- Identity Verification
- Payments & Transactions
- Access Control
Global Identity Verification Software Market Segmentation, by Deployment
Global Identity Verification Software Market Segmentation, by Component
- Intelligent Data (ID) Software
- Identity Document Authentication
- Facial Recognition Software
- Vein Recognition Software
- Iris Recognition Software
- Training and Consulting
- Integration and Deployment
- Support and Maintenance
Global Identity Verification Software Market Segmentation, by Industry
- Government & Law Enforcement
- Military & Defense
- IT & Telecommunication
- Media & Entertainment
- Others (Education, Hospitality, Automotive etc.)
Global Identity Verification Software Market Segmentation, Enterprise Size
- Large Enterprise
- Small & Medium Enterprise
Global Identity Verification Software Market Segmentation, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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